Bitcoin price on the rise for Black Friday
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Bitcoin price on the rise for Black Friday

By Federico Izzi - 29 Nov 2019

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Black Friday, the day which opens the weekend that sees the start of the Christmas gifts race, continues to record, for the fifth consecutive day, a green candle that confirms a week of recovery, with the Bitcoin price being no exception.

Source: COIN360.com

On a weekly basis, the balance for most of the top 20 cryptocurrencies shows positive signs. Only Ripple (XRP), LEO and NEO have a negative balance in a weekly timeframe. 

As for the price of Bitcoin, the bullish phase is confirmed, with quotations returning to test the former $7,600 support area. Bitcoin thus begins to conclude the week with a 6% rise. 

This results in closing the first week in green, after four weeks ending with the red sign, a trend that has not been recorded since November 2018. 

Statistically, on Black Friday, the price of Bitcoin and other cryptocurrencies have recorded rises and this was also the case in 2018 and 2017. In 2018 the bullish wake lasted only a handful of days before the drop that marked the deep lows of the day on December 15th, lows that now remain distant, except for Ripple that in recent days went to test the 20 cents of the dollar, the lowest levels of the last two years.

It seems that in 2019, Black Friday arrived a week earlier for the cryptocurrency sector and Bitcoin, given last Friday’s sinking, which ended on Sunday night.

On a daily basis, the best of the day are Cardano (ADA) and Dash, both of which earn 6%. Algorand (ALGO) stands out and, just like Cosmos (ATOM), scores a +5% and returns to test the levels of resistance that will have to be broken in the coming hours and days to give a clear and decisive signal of reversal of the trend from bearish to bullish.

On the other hand, the day sees a sharp drop for Synthetix (SNX) which, with a -7%, gives up the record levels of recent days. Crypto.com Coin (CRO) also fell 4%. chiliZ (CHZ) also withdraws and, after the launch of the Juventus token, loses 3.5% today. The only negative double-digit sign is Silver Wave (SLV) in 87th position with a descent of 11%.

The sector sees a collapse in volumes on a daily basis. Total capitalisation is at $205 billion, a sign that will have to be confirmed over the weekend. Bitcoin maintains its dominance at 66.4%, while Ethereum remains above 8.1%. Ripple, due to the weakness that sees it fluctuate around parity, remains at 4.8% market share.

Bitcoin chart by Tradingview

Bitcoin (BTC) price

Bitcoin confirms the high bounce from Sunday night levels when it sank to $6,600. From those levels, Bitcoin recovers over $1,000 in these hours of Black Friday, returning to test the former level of support between $7,500 and $7,600 that at the end of October had triggered the strong rise of the end of the month

The $7,600 is now a crucial short-term resistance level. In order to be transformed into a new bullish impulse from a monthly point of view, the 7,600 will have to be broken with large volumes, which in these hours are actually shrinking. For the BTC price, it is important to give clear signs of holding 7,500-7,600 over the weekend, otherwise, it will be necessary to wait for a phase of greater consolidation.

Ethereum chart by Tradingview

Ethereum (ETH) price

Unlike the price of Bitcoin, Ethereum seems to be struggling to recover the $160, stopping in the area of $155, the previous level of support crucial and important in the medium and long term.

Therefore, the first bullish signal will come with the confirmation of breaking the $155 and with pushes supported by volumes over $160. In contrast, it will be necessary not to go below $140, so as not to transform the bounce into a false signal of recovery.

 

Federico Izzi
Federico Izzi

Financial analyst and independent #trader – S.I.A.T. & Assob.it partner. He operates actively on stock and derivatives markets (futures and options) since 1997. A precursor of cyclic-volumetric analysis he is known for having identified the most important upward and downward movements in the financial markets of recent years. He participates annually as a speaker at the ITForum in Rimini since the 2010 edition and InvestingRoma and Napoli since the first edition of 2015. He is a guest and market expert on the "Trading Room" and "Market Driver" broadcasts of Class CNBC, Borsa Diretta.tv and on the evening news of Traderlink. Since July 2017 he is a permanent guest on LeFonti.TV, the only weekly national space dedicated to cryptocurrencies alongside the most important international experts in the field. Since May 2017 he is officially a Bigbit technical analyst. He was interviewed as a #cryptocurrency expert for Forbes Italia, Panorama, StartupItalia and DonnaModerna. He was recognized as the first Italian technical analyst to have published the first secular cyclic analysis on #Bitcoin. Periodically publishes articles on ITForum News, Sole24Ore, MILANOFINANZA, TrendOnLine and Wall Street Italy. Federico Izzi is... "Zio Romolo".

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